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Ferrellgas Partners L P (FGP) SEC Filing 10-Q Quarterly report for the period ending Wednesday, October 31, 2018

Ferrellgas Partners L P

CIK: 922358 Ticker: FGP

Exhibit 99.1

 

Ferrellgas Partners, L.P. Reports Full Fiscal Year and Fourth Quarter 2018 Results

 

·                  Total propane sales volume for 2018 increased approximately 11.0 percent over the prior year period.

·                  Tank Exchange sales volume for 2018 increased approximately 6.8 percent over the prior year period.

·                  Tank Exchange sale locations now exceed 53,000, up over 10.0 percent compared to the start of the fiscal year.

·                  Retail propane customer growth of 14,128, or 2.2 percent over the prior year.

·                  During the fourth quarter, announced recent completion of a new $575 million secured five-year credit facility and upsized $250 million accounts receivable securitization facility.

·                  Full exits from midstream businesses and Global Sourcing business completed in fourth quarter. Cash generated from these activities of approximately $160 million and an $80 million reduction in letters of credit outstanding. At July 31, 2018 the Company had $119.3 million of cash on the balance sheet.

·                  Five accretive propane acquisitions completed during the fiscal year.

 

LIBERTY, Mo., September 27, 2018 (GLOBE NEWSWIRE) — Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the “Company”) today reported financial results for its full fiscal year and fourth quarter ended July 31, 2018.

 

For the fiscal year, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $254.6 million, or $2.59 per common unit, compared to prior year period net loss of $54.2 million, or $0.55 per common unit. Net of non-cash charges due largely to asset sales supporting deleveraging efforts, net loss was $57.2 million, or $0.59 per common unit as compared to a net loss of $39.8 million, or $0.41 per common unit in the prior year period.

 

Reflecting the non-cash losses from strategic asset sales as well as higher interest expense for the fourth quarter ended July 31, 2018, the Company reported a net loss attributable to Ferrellgas Partners, L.P. of $215.7 million, or $2.20 per common unit compared to prior year period net loss of $55.8 million, or $0.57 per common unit.  Adjusted EBITDA, a non-GAAP measure, for the fourth quarter was $8.2 million compared to $19.2 million in the prior year on propane volumes that were 1.6 percent higher than the prior year period. The decrease stemmed from higher operating expenses as the Company continues to position for continued future customer and sales growth with the opening of additional selling locations and related resources to support those locations.

 


The following information was filed by Ferrellgas Partners L P (FGP) on Thursday, September 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ferrellgas Partners L P's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Partners' Capital (Deficit)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details)
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables)
Contingencies And Commitments
Contingencies And Commitments (Narrative) (Details)
Debt
Debt (Secured Credit Facility Narrative) (Details)
Debt (Short-Term Borrowings Narrative) (Details)
Debt Debt (Fixed Charge Coverage Ratio) (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Cash Flow Hedge Derivative Effect On Comprehensive Income) (Details)
Derivative Instruments And Hedging Activities (Changes In Derivative Value Effect On Other Comprehensive Income Loss) (Details)
Derivative Instruments And Hedging Activities (Fair Value Hedge Derivative Effect On Earnings) (Details)
Derivative Instruments And Hedging Activities (Fair Value Of Financial Derivatives Balance Sheet Locations) (Details)
Derivative Instruments And Hedging Activities (Narrative) (Details)
Derivative Instruments And Hedging Activities Derivative Instruments And Hedging Activities (Derivatives Not Designated As Hedging Effect On Earnings) (Details)
Derivative Instruments And Hedging Activities Derivative Instruments And Hedging Activities (Schedule Of Derivative Collateral) (Details)
Derivative Instruments And Hedging Activities Derivative Instruments And Hedging Activities (Tables)
Fair Value Measurement (Tables)
Fair Value Measurements
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details)
Fair Value Measurements Fair Value Measurements (Narrative) (Details)
Guarantor Financial Information
Guarantor Financial Information (Tables)
Guarantor Financial Information - Condensed Consolidated Balance Sheets (Details)
Guarantor Financial Information - Condensed Consolidated Statements Of Cash Flows (Details)
Guarantor Financial Information - Condensed Consolidated Statements Of Earnings (Details)
Guarantor Financial Information - Narrative (Details)
Net Earnings (Loss) Per Common Unitholders' Interest
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule Of Earnings Per Share) (Details)
Net Earnings (Loss) Per Common Unitholders' Interest (Tables)
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details)
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details)
Partners' Capital
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details)
Partners' Capital (Distributions Paid) (Details)
Partners' Capital (Narrative) (Details)
Partners' Capital (Tables)
Partnership Organization And Formation
Partnership Organization And Formation (Details)
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Notes)
Revenue From Contracts With Customers (Tables)
Segment Reporting Segment Reporting
Segment Reporting Segment Reporting (Reconciliation Of Assets From Segment To Consolidated) (Details)
Segment Reporting Segment Reporting (Reconciliation Of Consolidated Ebitda To Consolidated Net Earnings) (Details)
Segment Reporting Segment Reporting (Schedule Of Capital Expenditure Information, By Segment) (Details)
Segment Reporting Segment Reporting (Schedule Of Segment Reporting Information, By Segment) (Details)
Segment Reporting Segment Reporting (Tables)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policy)
Supplemental Financial Statement Information
Supplemental Financial Statement Information (Narrative) (Details)
Supplemental Financial Statement Information (Other Current Liabilities) (Details)
Supplemental Financial Statement Information (Schedule Of Inventories) (Details)
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details)
Supplemental Financial Statement Information (Tables)
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details)
Supplemental Financial Statement Information Supplemental Financial Statement Information (Significant Cash And Non-Cash Activities) (Details)
Transactions With Related Parties
Transactions With Related Parties (Narrative) (Details)
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details)
Transactions With Related Parties (Tables)
Ticker: FGP
CIK: 922358
Form Type: 10-Q Quarterly Report
Accession Number: 0000922358-18-000013
Submitted to the SEC: Thu Dec 06 2018 1:57:32 AM EST
Accepted by the SEC: Thu Dec 06 2018
Period: Wednesday, October 31, 2018
Industry: Retail Miscellaneous Retail

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